Bangalore: Are you a person who always felt guilty for losing our money because you were financially ill-informed and had fallen for the dubious sales pitches? Then don’t worry, even top guns at the finance ministry have become the victims of such traps, reports Economic Times.

Rajiv Takru, secretary, Department of Financial Services, in his recent seminar told that he took an LIC policy in 1992 and the agent promised him that after 15 years he would get 1 lakh after 15 years of 3,000 annual premium payments. But when enquired after 15 years, the agent told him that he would get the money when he turns 80. This clearly shows how insurance companies are misleading customers.

Govt Pushes Itself into the Corner

Our policies and rules have ruined many things in India. One such blunder is expected to take place after SBI chairman, after Pratip Chaudhuri retires. With silly and impractical rules, the government lacks in taking good decisions. Suddenly out of the blue, there was a new rule which said that no deputy MD of SBI will be eligible for the chairman's post.

PSU Banks And The Government

Being a head of a PSU bank is an undesirable position now. The government being the owner of PSUs does not let these banks increase their lending rates, despite its own cost of funds rising because of its mistakes.  But finance minister P. Chidambaram at his every meeting with the bank chairmen says that banks should focus on leading more. There are also rumors that the government would ask the banks to stop further lending and focus on recovery to push economic growth.

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